Democratic presidential candidate Sen. Bernie Sanders, I-Vt., revealed a long-awaited funding plan on Feb. 24, though an analysis from The New York Times says it doesn't fully add up.
The plan was first revealed during a CNN event, and an outline was published online shortly after, according to NYT.
The online document outlines the Vermont senator's plans to fund all the policies he is running on, including "Medicare for All." Based on an analysis recently published by The Lancet, the plan accounts for $450 billion in estimated annual savings, which would add up to nearly $5 trillion in savings by the end of the decade. The Sanders campaign estimates national health expenditures will hit $52 trillion over the next decade if no action is taken.
With the savings from Medicare for All, the Sanders campaign estimates national healthcare expenditures will total $47 trillion over the next decade under a single-payer plan. The plan outlines revenue-generating taxes for $17.5 trillion of this price tag, and says, "Current federal, state and local government spending over the next ten years is projected to total about $30 trillion."
Among the provisions to generate $17.5 trillion in revenue over the next decade:
- 7.5 percent income-based premium paid by employers — generates $5.2 trillion
- 4 percent income-based premium paid by employees — generates $4 trillion
- Ending health tax expenditures — generates $3 trillion
Read the funding outline here.
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